Streetbeat News

Acquisitions Mergers

MOR

NVS

MorphoSys disputes the accuracy of a STAT News article suggesting Novartis will abandon its $3 billion acquisition of MorphoSys due to concerns over pelabresib, a drug for myelofibrosis. The article, based on speculation and anonymous sources, predicts Novartis will pay a breakup fee to avoid the acquisition, potentially leaving MorphoSys and pelabresib's future uncertain.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 6:49 pm

AAPL

Generative AI startup Midjourney Inc. has hired former Apple Vision Pro hardware engineer manager, Ahmad Abbas, to spearhead its hardware initiatives. Abbas, who has a notable background including a leadership role in Apple Inc.'s Vision Pro development and a stint at Neuralink, joined Midjourney in December. The company, led by founder David Holz, has teased the development of 'the orb,' a mysterious device speculated to be capable of creating and managing 3D rooms for AI-generated worlds and real-time video games. This move signifies Midjourney's ambitious plans in the generative AI space and could accelerate the realization of advanced AI-powered devices.

Portfolio Pulse from Rounak Jain

February 06, 2024 | 6:35 pm

AAPL

BRK-B

Berkshire Hathaway Inc (NYSE: BRK-B), led by Warren Buffett, is nearing a $1 trillion valuation, largely due to its substantial investment in Apple Inc (NASDAQ:AAPL). In 2023, Berkshire's stock rose 14%, and it has continued to climb in 2024, with a 7% surge in January and nearly 2% in February. The company's Q4 earnings report is highly anticipated after Q3 earnings exceeded expectations. The stock is approaching the significant $400 resistance level, closing at $390.76 on February 5.

Portfolio Pulse from Zaheer Anwari

February 06, 2024 | 6:15 pm

LYSCF

MP

The merger discussions between Australia's Lynas Rare Earths Ltd (LYSCF) and U.S.-based MP Materials Corp (MP) have been officially terminated. This decision ends speculation about the creation of a rare earths leader, which could have challenged China's dominance in the market. China controls approximately 87% of the global refining capacity for rare earths, a market where both companies are significant players outside of China. Despite the potential benefits of consolidating supply and strengthening Western supply chains, concerns about the strategic value and regulatory hurdles led to the termination of talks.

Portfolio Pulse from Stjepan Kalinic

February 06, 2024 | 6:04 pm

TTE

TotalEnergies SE (NYSE:TTE) shares rose after announcing a cooperation agreement with Oil and Natural Gas Corporation (ONGC) in India for methane emissions reduction and a joint venture with Vantage Drilling International to acquire the Tungsten Explorer drillship. The company aims to reduce methane emissions by 50% by 2025 and by 80% by 2030. TotalEnergies will own 75% of the JV with Vantage, which will operate the drillship for 10 years.

Portfolio Pulse from Lekha Gupta

February 06, 2024 | 6:00 pm

PINC

Premier Inc (NASDAQ:PINC) announced a $1B share repurchase program and the conclusion of its strategic review. The company entered an accelerated share repurchase agreement with Bank of America for $400 million. Premier is exploring partnerships for its subsidiaries, Contigo Health and S2S Global. Q2 2024 earnings showed a 14% Y/Y decrease in adjusted EPS to $0.60, beating consensus estimates. Sales were down 7% Y/Y to $334.75 million, also beating estimates. The company provided FY 2024 guidance with adjusted EPS of $2.06-$2.18 and revenue of $1.265 billion-$1.325 billion. PINC shares rose 6.32% to $22.28.

Portfolio Pulse from Vandana Singh

February 06, 2024 | 5:48 pm

TM

TSM

TSMC announces the opening of a second chip fabrication plant in Japan, with a $13.5 billion investment in Kumamoto. This move, which includes a partnership with Toyota Motor Corp, aims to enhance Japan's semiconductor production capabilities. The new plants will produce over 100,000 12-inch wafers monthly, generating more than 3,400 jobs. TSMC also explores a third factory in Japan and expands internationally, despite delays in the U.S.

Portfolio Pulse from Anusuya Lahiri

February 06, 2024 | 5:32 pm

COST

KR

Costco Wholesale Corporation (NASDAQ:COST) announced Gary Millerchip as its new CFO, effective March 15, 2024. Millerchip, previously CFO of Kroger Co (NYSE:KR), is expected to lead Costco's financials, focusing on revenue and profitability improvements. Despite potential changes, the price of Costco's iconic $1.50 hot dog and soda combo is unlikely to change, maintaining its long-standing price point despite inflation. This decision reflects Costco's commitment to value, as highlighted by a story involving Costco's founder, Jim Sinegal. The article also hints at a possible membership fee increase, a significant move since the last hike in June 2017.

Portfolio Pulse from Chris Katje

February 06, 2024 | 5:06 pm

ABBV

AbbVie expands its collaboration with Calibr-Skaggs to further explore the switchable CAR-T (sCAR-T) platform for solid tumor and autoimmune disease treatments. AbbVie will pay an upfront license fee for exclusive access to the sCAR-T platform for up to five years, with options to license existing cell therapy programs. Calibr-Skaggs will support discovery of next-generation sCAR-Ts, with potential milestone payments and royalties.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 5:04 pm

TW

Tradeweb Markets Inc (NASDAQ:TW) reported a 26.3% Y/Y revenue growth for Q4, slightly missing consensus estimates. Adjusted EPS met expectations. The company saw significant growth across its Rates, Credit, Equities, Money Markets, and Market Data segments, with a notable 56.9% increase in average daily volume. Tradeweb announced a dividend increase of 11.1% and highlighted strategic acquisitions and partnerships aimed at global expansion. FY24 guidance includes expected LSEG Market Data Contract Revenues growth.

Portfolio Pulse from Anusuya Lahiri

February 06, 2024 | 4:37 pm